The Financial Industry Regulatory Authority (FINRA) fined UBS Financial Services Inc. USD 20 million for repeat anti-money laundering compliance failures. UBS Financial failed to reasonably monitor more than 60,000 foreign currency wires totaling over USD 10 billion between January 2019 and June 2023, despite a 2018 settlement addressing deficiencies in the same area. The firm continued using an inadequate legacy monitoring system until January 2021, while an automated tool introduced in February 2021 omitted a significant share of activity because of incomplete data and a labeling change. FINRA also found deficiencies in customer due diligence for certain retail customers, including failures to identify higher-risk geographic links, adverse media and potential political exposure. These shortcomings led to lower risk ratings, reduced scrutiny and failures to detect and timely report suspicious money movements. UBS Financial accepted FINRA’s findings without admitting or denying them.
Financial Industry Regulatory Authority2026-08-03
Financial Industry Regulatory Authority fines UBS Financial USD 20 million for repeat anti-money laundering failures
FINRA fined UBS Financial USD 20 million for repeat anti-money laundering failures involving more than 60,000 foreign currency wires totaling over USD 10 billion. Deficient transaction monitoring and customer due diligence caused the firm to miss and fail to timely report suspicious activity through June 2023.